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Marine Log

April 20, 2007

Excelerate boosts LNGRV fleet

Excelerate Energy, Woodlands, Texas, has reached an agreement with Exmar N.V. of Antwerp, Belgium to take an equity interest in three additional Energy Bridge vessels capable of shipboard regasification of liquefied natural gas (LNG).

The agreement between Exmar and Excelerate Energy includes two ships ordered by Exmar in 2006 as well as an order for an additional ship that was concluded yesterday in Antwerp.

This move expands Excelerate Energy's fleet to nine total vessels worth nearly $2 billion.

Excelerate Energy currently has three Energy Bridge LNGRV vessels and one conventional LNG carrier in service, with two additional Energy Bridge vessels under construction and slated for delivery in the spring of 2008 and 2009, respectively.

The specially designed regasification vessels use Excelerate Energy's proprietary Energy Bridge technology that allows LNG to be revaporized to gas onboard the ships so that it can be directly fed into natural gas pipelines.

The three ships will be delivered between the third quarter of 2009 and the second quarter of 2010 and will be named EXQUISITE, EXEMPLAR, and EXPEDIENT.

"These additions to our fleet demonstrate Excelerate Energy's commitment to remain a leader in worldwide LNG floating regasification," said Kathleen Eisbrenner, President and CEO of Excelerate Energy. "This expanded fleet, combined with our ship-to-ship transfer capabilities, increases our unparalleled flexibility and access to markets around the world."

"The addition of these three vessels will provide additional job opportunities for U.S. mariners as we progress our initiative toward integrating U.S. mariners into the crews of the Energy Bridge fleet,"said Jonathan Cook, VP-- Operations and Marine Services for Excelerate Energy.

"Growing our fleet is critical as we look to supply our Northeast Gateway project in Massachusetts Bay while we expand our operations in Asia, South America and Europe, " said Rob Bryngelson, EVP and COO of Excelerate Energy. "With all nine ships in operation, we can serve multiple market access points at any given time."

The ships will be operated by Exmar NV, an independent shipping company serving the gas and oil industries, based in Belgium. The ships will be built in South Korea by Daewoo Shipbuilding & Marine Engineering Co. Ltd (DSME).

The latest ship will be the eighth in a series of LNGRV's and will be DSME's Hull No 2272, incorporating the GTT 96 membrane containment system and will have a capacity of approximately 150,900m3. Delivery is scheduled for the 2nd Quarter of 2010.

EXMAR also holds an option for an additional vessel for delivery later in 2010.